I have checked the exhaust for blockage short of pulling off the elbo where water is added. This is on a hunter 28 sailboat. With no load it revs up to 3400 rpm which says the govrenor is working. Under a load the max rpm is 1500 rpm and smokes bad and leves a trail of black unburmed fuel trialing behind the boat. My view is not enough air is getting in to the engine or there is a clog in the exhaust system. Isn't that usually what causes one to smoke like a pig. A yanmar service tech thinks it may be low compression. It starts easy and idles perfect. Any ideas or help would be great. Thank's Pat